Acoustic Microscopy Market worth 1,241.2 Million USD by 2023

According to the new market research report "Acoustic Microscopy Market by Offering (Microscopes, Accessories & Software, Services), Application (Non-Destructive Testing, Quality Control, Failure Analysis), Industry (Semiconductor, Life Science), and Geography - Global Forecast to 2023", The acoustic microscopy market is estimated to be USD 951.0 Million in 2018 and is projected to reach USD 1,241.2 Million by 2023, at a CAGR of 5.47% during the forecast period.

The growth of the acoustic microscopy market can be attributed to various factors, including safety regulations formulated by governments and international bodies, growth of various end-use industries, and increased funding for R&D in microscopy.

The acoustic microscopy market for services is expected to account for the largest market size between 2018 and 2023

Based on offering, the services segment is projected to lead the acoustic microscopy market during the forecast period. Microscopy services are provided for various applications, such as Non-Destructive Testing (NDT), failure analysis, and product reliability testing/quality control. The acoustic microscopy market for services is projected to witness significant growth during the forecast period, owing to the increase in the number of NDT service providers and rise in demand for NDT services from the semiconductor and automotive sectors. There is an inevitable need for NDT inspection in industries, primarily during engineering, assembling, and operating stages. NDT services are adopted by various industries to prevent recurring issues in system components as well as to implement failure management strategies by detecting faults and defects at an initial stage.

The Non-Destructive Testing (NDT) application accounted for the largest share of the acoustic microscopy market in 2017

Based on application, the Non-Destructive Testing (NDT) segment accounted for the largest share of the acoustic microscopy market in 2017, owing to increased awareness regarding industrial non-destructive testing methods and their benefits, such as increased life of equipment and improved production output. Non-destructive tests are used in fabrication and in-service inspections to allow early detection of surface and subsurface defects in finished and Work-in-Progress (WIP) goods. The emergence of automated NDT equipment that offer accurate results is driving the growth of the non-destructive testing application.

The semiconductor industry accounted for the largest share of the acoustic microscopy market in 2017

The semiconductor industry is projected to lead the acoustic microscopy market between 2018 and 2023, owing to the increasing use of microscopy techniques in the semiconductor industry for R&D, quality control, process development, and failure analysis. The rising demand for miniature transistor chips, nanoelectronics, quantum dots, and optoelectronics is a key factor driving the growth of the acoustic microscopy market in the semiconductor industry.

North America is expected to lead the acoustic microscopy market during the forecast period

North America accounted for the largest share of the acoustic microscopy market in 2017. The growth of the acoustic microscopy market in North America is primarily driven by rise in government funding to promote R&D activities in the field of acoustic microscopy and increased focus on nanotechnology and regenerative medicine. The favorable regulatory scenario is a key factor supporting the growth of the acoustic microscopy market in North America, as regulatory approvals play a crucial role in the launch of a new device or instrument in the market.

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